India's GDP Forecast: A 7% Growth Surge in Crypto Era

Jonathan Stoker Nov 29, 2023, 00:50am 173 views

India's GDP Forecast: A 7% Growth Surge in Crypto Era

India's Unwavering Economic Resilience Amid BRICS' Growth

Despite a challenging year for the BRICS nations, India continues to demonstrate remarkable economic resilience; its Gross Domestic Product (GDP) is projected to increase by 7% this year. The nation is still on course to register impressive growth figures, even with the economic cooling experienced in the current quarter.

India's Steady GDP Growth Amid Economic Slowdown

Economists polled by Bloomberg estimated that India's growth from July to September 2023 stands at 7%. This is a slight decrease from the 7.8% growth observed in the preceding quarter. Yet, ICRA's Chief Economist Aditi Nayar pointed out that the projected GDP growth still outpaces the Monetary Policy Committee's projection of 6.5%.

The Rising Prominence of BRICS

One of the main reasons for the rising prominence of the BRICS economic alliance is its sustained growth. The group has consistently supported both developing and established economies, creating an economic bloc that fosters global economic growth and aids struggling economies. A significant part of this growth is seen in one of the original BRICS nations - India.

India's Projected GDP Growth Amid Economic Cooling

Even amidst economic cooling, India is predicted to experience a GDP growth of 7% this year. Growth optimists link this trend to domestic consumption, state-led capital expenditures, and increases in the utility sector. Furthermore, Rahul Bajoria, the Chief Economist at Barclays, has projected the country's GDP to grow by 6.8% annually. Therefore, India is set to maintain its position as one of the fastest-growing nations globally.

BRICS' International Relevance Based on GDP Share

The GDP share has always been a critical indicator of the BRICS bloc's international relevance. The bloc is anticipated to command a world-leading 45% GDP share by 2040. This trajectory is boosted by the growth observed in India and other BRICS countries and will be further enhanced when the six-nation expansion effort takes effect at the beginning of 2024.

Edited by Jonathan Stoker

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